Bedford Funding Recruits Experienced Software and IT Services Investment Banker Stephen B. Day as Senior Partner

    Company Deepens Leadership Team with Broad Technology and Transactional
Expertise as it Targets Deals up to $3 Billion

    WHITE PLAINS, N.Y., June 19 /CNW/ - Bedford Funding, a private equity
firm specializing in investment opportunities in the consolidating and
fragmented technology sector, announced today the appointment of Stephen B.
Day as Senior Partner. In his new role at Bedford Funding, Mr. Day brings 18
years of multi-disciplinary financial, accounting, operational and
transactional experience from Bear, Stearns & Co., Goldman, Sachs & Co.,
Whitman Corporation and Deloitte & Touche, among other notable industry

    Commenting on the appointment, Charles S. Jones, Managing Partner of
Bedford Funding, said "As we pursue significant investment opportunities in
the technology sector, we rely heavily on our team's deep understanding of the
rapidly changing industry dynamics. Stephen's fundamental knowledge of the
software and IT services industry segments, his ability to develop strategic
insights for value creation, and his broad financial skill set make him an
exceptional addition to the leadership team at Bedford Funding. I am delighted
to have someone of Stephen's caliber and character."

    Before joining Bedford Funding, Mr. Day was Managing Director and Co-Head
of the Global Software Investment Banking Practice for Bear, Stearns & Co.
where he worked with a range of software companies including Geac, IBM,
Oracle, Red Hat, SAP, Symantec and Vignette, as well as private equity firms
such as Golden Gate Capital, Texas Pacific Group and Bain Capital. It was
while at Bear, Stearns & Co. that he worked closely with Mr. Jones, then CEO
of Geac, to close a $1 billion transaction resulting in the sale of Geac in
March of 2006.

    "I join Bedford Funding with tremendous enthusiasm and look forward to
working with Charles and the team to execute our strategy and to build a
world-class private equity firm," said Mr. Day. "I have worked closely with
this team over the past several years and have a great deal of respect for
their turn-around operating track record in multiple industries - a record
that has led to meaningful value creation for investors."

    Prior to his experience at Bear, Stearns & Co., Mr. Day was Head of the
IT Services Investment Banking Practice and Co-Head of the Software Investment
Banking Practice for Goldman, Sachs & Co. during which time, he was
responsible for client service and transaction execution for many industry
leading technology companies including Accenture, Anteon, BMC Software,
Cognizant, Cognos, CSC, IBM, Infosys, Internet Security Systems, Sapient and
SRA International, among others.

    Mr. Day received a BS in accounting from Indiana University and an MBA in
International Business and Finance from the University of Chicago.

    About Bedford Funding

    Bedford Funding is a private equity firm specializing in investment
opportunities in the consolidating and fragmented technology sector with an
initial focus on the software and IT services sectors. The firm offers
extensive strategic operating and financial management expertise and advice
with the intention of providing exceptional performance and financial returns
for its portfolio companies and its investors. Bedford Funding serves the IT
and investment communities worldwide from its headquarters location in White
Plains, NY.

For further information:

For further information: Larry Kaplan Managing Director & CFO Bedford
Funding (914) 287-4882 or Alys Scott Whistle
Hill Group (617) 821-9200

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